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Wednesday, 18 March 2015

George Osborne says he has delivered a national recovery #Budget2015

by Sunil Patel

The UK economy grew by 2.6 percent last year, which was the largest growth figure of any advanced economy.And George Osborne boasted the UK would overtake the German economy to be the biggest in Europe in the next 15 years.The 'significant' sale of UK assets have enabled the total proportion of debt to Gross domestic product (GDP) to be at 80.4 percent and has been predicted to fall to 80.2 per cent, according to the OBR.

In his Budget speech, the Chancellor announced a rise in the personal tax threshold for workers to £10,800 by 2016 and then £11,000 for the year after.The government provided a much-needed tax cut boost for the ailing North Sea oil industry, which has been badly damaged by the falling global price of oil.The Petroleum Revenue tax would be reduced by 15 per cent from 50 per cent to 35 per cent.Mr Osborne claimed this was a speech aimed at the 'earners' and 'savers'.

Beer drinkers were rewarded by a penny cut in duty for the third year in a row.There was also, a 2p cut for both cider and scotch duty, with the tax on wine frozen at current levels.In the last budget before the general election, the Chancellor argued his tax proposals will 'save more pubs and create more jobs.'

However, Ed Miliband delivered a damning assessment on Mr Osborne's sixth budget.He argued people would be £1600 worse off under Tory proposals and predicted massive cuts in the next parliament if the Conservatives were re-elected.Mr Miliband pledged to raise the minimum wage £8 per hour if elected, in a direct response to the 20p rise to the £6.70, announced by the government yesterday.Labour MP, David Blunkett, speaking ahead of the Budget to BBC News said:“You only have live and work and represent northern cities to see what will happen if the deficit reduction programme laid out by the conservatives comes into fruition and cuts are imposed in the way described."It's eye-watering what's about to hit those cities and towns and I don't think you can experience it without being there," the former home secretary added.